Greedy bankers caused crisis says Bank chief
by Ken Ferguson - 02-03-2011
Its official!
The cuts, sackings and misery facing us all are the fault of the fat cat bonus hungry bankers.
This stunning admission came from city top dog Bank of England governor Mervyn King speaking at the key House of Commons treasury committee.
Speaking in the plush surroundings of Portcullis House King told MPs :
"The price of this financial crisis is being borne by people who absolutely did not cause it".
There it is, from the horse’s mouth, the argument advanced by the SSP and others that people are paying the bankers bills with their jobs and services is confirmed at a stroke.
King told the MPs that those under the capitalist cosh had every right to rage and expressed surprise that public anger was not more intense with the bosses.
He was also remarkably frank about the likely impact of the crisis on peoples’ living standards saying in response to questioning on when they might recover :
"The research makes it clear that the impact of these crises lasts for many years. It is not like an ordinary recession, where you lose output and get it back quickly. We may not get the lost output back for very many years, if ever."
In other word you face a permanent reduction in living standards , wages, pensions and services while the fat cats salt away their billions.
So much for the hollow sound bites from the Tories and their two faced lib dems outriders that “we are all in this together.”
With every passing day the need to rage and act against this all out attack by the millionaires cabinet becomes clearer and the growing tempo of resistance by communities, trade unionists and students should be welcomed.
Every opportunity to drive home the rejection of this resistance to the Condem regime and those such as the SNP government and Labour councils doing its dirty work needs to be seized.
From the imaginative actions of groups such Uk uncut, student demos and occupations, possible strike action and the mass TUC called demo in London on March 26th, its time for action